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Embracing technology as the catalyst
We have entered an era where no future-proof finance strategy can ignore the prevalence of technologies such as Cloud and the Platform concept, with its embedded technologies such as process automation, artificial intelligence, machine learning and predictive analytics, to name a few. Finance must be strategic to select, plan and implement these new technologies to remain relevant.
A broker of information
Real time, intelligent, enterprise-wide data is an asset. When used effectively, it provides insights into far more than just cost reductions and revenue analysis. It can expose risks, challenge operations, identify opportunities, retain talent and guide strategy. Finance must be the driving force behind structuring the data, ensuring its alignment to a common data model and then acting as a broker of the information.
Processes spanning the organisation
Finance can no longer operate in isolation. Instead, Finance must collaborate with all internal and external stakeholders; be integrated across the organisation and be geared toward offering comprehensive strategic insights, through processes that span all areas of the organisation.
Proactive talent management
The demand for traditional finance skills is decreasing as the adoption of new technologies gains pace. The result is a finance function in flux, with high levels of job replacement and job creation and a new emphasis on skills adjacency. Finance must implement a proactive talent management strategy.
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- In this third instalment of our Intelligent Performance Management blog series, I explore the importance of real time, intelligent, enterprise-wide data. How can we utilise data so that the Finance function operates as the broker of information? Read more »
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